Oregon Life Insurance (OR)
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The state of Oregon has some laws and regulations in effect that help to protect consumers and insurers when investing in life insurance.
OREGON Life Insurance Laws to Protect Consumers (OR)
Chapters 731 through 752 of the Oregon Revised Statutes are the regulating force behind the insurance laws of Oregon. Both claims procedures and policy requirements are overseen here at the state level in order to protect both the insurers and the insured.
One protection for the insured is the one month grace period for late payments. Within this 30-day window, a life insurance company may not terminate a policy for nonpayment. As long as the necessary payment is made within this time, there shall be no legal lapse in coverage.
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Life insurance companies in Oregon are obliged to settles claims within 30-days of receiving the proper proof of death. If no good reason is found to be the cause of a tardy settlement, the insurer must begin to pay interest on the benefit starting on the day of death, continuing until the final settlement.
Oregon Life Insurance Laws Protecting Insurers (OR)
One such protection for the life insurance company is regarding misstatement or misrepresentation on an application for coverage or in a life insurance policy itself. Any such findings within the first two years of a policy’s life will result in termination of coverage. All paid premiums shall be refunded, but no claims will be honored. Any age misstatements can be found at any time during a life insurance policy’s life and will result in the simple recalculation of death benefits, reflecting the correct age of the insured.
Additional Life Insurance Regulations in Oregon (OR)
As long as your life insurance company is licensed in Oregon and your account is current on payments, if your insurer was to become bankrupt, your policy will be covered by the Oregon Life & Health Insurance Guaranty Association. In Oregon, death benefit limitations are set at $300,000 per insured and $100,000 per cash surrender.
Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.
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